Economist Henrik Zeberg is optimistic about the future of Bitcoin (BTC) and altcoins, suggesting that the crypto market is gearing up for a final phase of the bull run. In a recent interview on the Crypto Banter YouTube channel, Zeberg expressed his belief that there is less than a 5% chance that cryptocurrencies have already reached their peak.
According to Zeberg, Bitcoin is currently following an expanding diagonal structure and undergoing a five-wave rally. This pattern indicates that BTC is in an uptrend, with higher highs and higher lows being recorded. The five-wave rally is based on the Elliott wave theory, which suggests that a bullish asset tends to experience a surge in five waves before entering a corrective phase.
Zeberg pointed out, “There’s a very clear pattern, which is an expanding diagonal on a very long time frame. This is what has been guiding me all along. When people were negative, I said we’re going to see $100,000 in 2024. Now, my target has been $123,000 to $125,000, with a potential to reach $140,000.”
At the time of writing, Bitcoin is trading at $96,779. Zeberg is also closely monitoring the TOTAL3 chart, which tracks the total market cap of all cryptocurrencies excluding Bitcoin, Ethereum, and stablecoins. He believes that the Alts Index is on the verge of a significant upward movement, driven by the expected bullish price action of Bitcoin.
Zeberg predicts that large-cap altcoins will lead the market initially, followed by memecoins later on. He stated, “The Solanas will be the ones that drive it in this phase. First, we need Bitcoin to move higher, and then we will be in the final phase where we should see a pickup in the Bitcoin-driven part of the market.”
In conclusion, Zeberg remains bullish on the crypto market, anticipating a strong altcoin season ahead. His analysis suggests that both Bitcoin and altcoins are poised for further gains, with the potential for significant price increases in the near future. Investors and traders are advised to stay tuned for potential opportunities in the evolving crypto landscape.